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DTE Energy Company
Historical Operating Net Income
(Preliminary/Unaudited)

(in $ millions, except per share amounts)

	2004															2005
	Q1			Q2			Q3			Q4			Total			Q1			Q2			Q3			Q4			Total
Electric Utility	$	38		$	10		$	62		$	67		$	177		$	56		$	46		$	97		$	73		$	272
Gas Utility		57			(28	)		(31	)		27			25			48			(2	)		(18	)		45			73
Total Utilities	$	95			($18	)	$	31		$	94		$	202		$	104		$	44		$	79		$	118		$	345
Power & Industrial Projects
Synfuels	$	41		$	54		$	51		$	47		$	193		$	65		$	18		$	47		$	143		$	273
Power Generation		(4	)		(4	)		(6	)		(3	)		(17	)		(4	)		(3	)		(1	)		(4	)		(12	)
All Other Projects		1			6			6			(1	)		12			5			8			3			7			23
Corporate Overheads		(2	)		(3	)		(2	)		(2	)		(9	)		1			(3	)		(2	)		(1	)		(5	)
Total Power & Industrial Projects	$	36		$	53		$	49		$	41		$	179		$	67		$	20		$	47		$	145		$	279
Fuel Transportation & Marketing
Coal Services	$	3		$	5		$	5		$	7		$	20		$	5		$	6		$	5		$	6		$	22
Midstream		3			4			4			6			17			8			5			9			7			29
Energy Trading		9			(7	)		12			30			44			(22	)		(7	)		(140	)		130			(39	)
Corporate Overheads		(3	)		(2	)		(3	)		(3	)		(11	)		(1	)		(4	)		(3	)		(2	)		(10	)
Total Fuel Transportation & Marketing	$	12		$	0		$	18		$	40		$	70			($10	)	$	0			($129	)	$	141		$	2
Unconventional Gas Production	$	1		$	2		$	2		$	1		$	6		$	1		$	0		$	2		$	1		$	4
Corporate & Other		($7	)	$	23			($3	)		($25	)		($12	)		($8	)		($24	)	$	6			($27	)		($53	)
Total Net Income	$	137		$	60		$	97		$	151		$	445		$	154		$	40		$	5		$	378		$	577
Earnings Per Diluted Share	$	0.80		$	0.35		$	0.56		$	0.86		$	2.57		$	0.88		$	0.23		$	0.03		$	2.12		$	3.27
Average Diluted Shares Outstanding		170			174			174			175			173			175			175			177			178			176

DTE Energy Company
Consolidated Statement of Financial Position (Preliminary/Unaudited)

	December 31
	2005			2004
(in Millions)
ASSETS
Current Assets
Cash and cash equivalents	$	88		$	56
Restricted cash		122			126
Accounts receivable Customer (less allowance for doubtful accounts of $136 and $129, respectively)		1,288			880
Accrued unbilled revenues		458			378
Other		835			383
Inventories Fuel and gas		522			509
Materials and supplies		146			159
Deferred income taxes		257			94
Assets from risk management and trading activities		814			296
Other		160			115
		4,690			2,996
Investments
Nuclear decommissioning trust funds		646			590
Other		530			558
		1,176			1,148
Property
Property, plant and equipment		18,660			18,011
Less accumulated depreciation and depletion		(7,830	)		(7,520	)
		10,830			10,491
Other Assets
Goodwill		2,057			2,067
Regulatory assets		2,074			2,119
Securitized regulatory assets		1,340			1,438
Notes receivable		409			529
Assets from risk management and trading activities		333			125
Prepaid pension assets		186			184
Other		265			200
		6,664			6,662
Total Assets	$	23,360		$	21,297

DTE Energy Company
Consolidated Statement of Financial Position (Preliminary/Unaudited)

	December 31
	2005			2004
(in Millions, Except Shares)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	1,187		$	892
Accrued interest		115			111
Dividends payable		92			90
Accrued payroll		34			33
Income taxes		—			16
Short-term borrowings		943			403
Current portion of long-term debt, including capital leases		691			514
Liabilities from risk management and trading activities		1,091			369
Other		769			581
		4,922			3,009
Other Liabilities
Deferred income taxes		1,396			1,124
Regulatory liabilities		715			817
Asset retirement obligations		1,091			916
Unamortized investment tax credit		131			143
Liabilities from risk management and trading activities		550			224
Liabilities from transportation and storage contracts		317			387
Accrued pension liability		284			265
Deferred gains from asset sales		188			414
Minority interest		92			132
Nuclear decommissioning		85			77
Other		740			635
		5,589			5,134
Long-Term Debt (net of current portion)
Mortgage bonds, notes and other		5,234			5,673
Securitization bonds		1,295			1,400
Equity-linked securities		175			178
Trust preferred-linked securities		289			289
Capital lease obligations		87			66
		7,080			7,606
Commitments and Contingencies
Shareholders’ Equity
Common stock, without par value, 400,000,000 shares authorized, 177,814,429 and 174,209,034 shares issued and outstanding, respectively		3,483			3,323
Retained earnings		2,557			2,383
Accumulated other comprehensive loss		(271	)		(158	)
		5,769			5,548
Total Liabilities and Shareholders’ Equity	$	23,360		$	21,297

DTE Energy Company
Consolidated Statement of Cash Flows (Preliminary/Unaudited)

	Year Ended December 31
	2005			2004
(in Millions)
Operating Activities
Net Income	$	537		$	431
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, depletion and amortization		872			744
Deferred income taxes		147			129
Gain on sale of interests in synfuel projects		(367	)		(219	)
Gain on sale of ITC and other assets, net		(38	)		(17	)
Partners’ share of synfuel project losses		(318	)		(223	)
Restructuring charges		33			—
Contributions from synfuel partners		243			141
Cumulative effect of accounting changes		3			—
Changes in assets and liabilities, exclusive of changes shown separately		(111	)		9
Net cash from operating activities		1,001			995
Investing Activities
Plant and equipment expenditures — utility		(850	)		(815	)
Plant and equipment expenditures — non-utility		(215	)		(89	)
Acquisitions, net of cash acquired		(50	)		—
Proceeds from sale of interests in synfuel projects		349			221
Proceeds from sale of ITC and other assets, net of cash divested		60			104
Restricted cash for debt redemptions		4			5
Other investments		(100	)		(107	)
Net cash used for investing activities		(802	)		(681	)
Financing Activities
Issuance of long-term debt		869			736
Redemption of long-term debt		(1,266	)		(759	)
Short-term borrowings, net		437			33
Issuance of common stock		172			41
Repurchase of common stock		(13	)		—
Dividends on common stock		(360	)		(354	)
Other		(6	)		(9	)
Net cash used for financing activities		(167	)		(312	)
Net Increase in Cash and Cash Equivalents		32			2
Cash and Cash Equivalents at Beginning of the Period		56			54
Cash and Cash Equivalents at End of the Period	$	88		$	56

The Detroit Edison Company
Consolidated Statement of Operations (Preliminary/unaudited)

	Year Ended December 31
(in Millions)	2005			2004
Operating Revenues	$	4,462		$	3,568
Operating Expenses
Fuel and purchased power		1,590			885
Operation and maintenance		1,308			1,395
Depreciation and amortization		640			523
Taxes other than income		241			249
Asset (gains) and losses, net		(26	)		(1	)
		3,753			3,051
Operating Income		709			517
Other (Income) and Deductions
Interest expense		267			280
Interest income		(3	)		—
Other income		(27	)		(34	)
Other expenses		46			57
		283			303
Income Before Income Taxes		426			214
Income Tax Provision		149			64
Income Before Accounting Change		277			150
Cumulative Effect of Accounting Change		(3	)		—
Reported Earnings		274			150
Cumulative Effect of Accounting Change
Conditional Retirement Obligations (FIN 47)		3			—
Adjustments
Stranded Cost adjustment		—			21
Incremental non-recurring DTE2 project costs		8			7
Gain on sale of assets		(17	)		—
Performance Excellence Process — cost to achieve		4			—
Operating Earnings	$	272		$	178

The Consolidated Statement of Operations (Unaudited) should be read in conjunction with the Notes to Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and 10Q.

Michigan Consolidated Gas Company
Consolidated Statement of Operations (Preliminary/unaudited)

	Year Ended December 31
(in Millions)	2005			2004
Operating Revenues	$	2,098		$	1,645
Operating Expenses
Cost of gas		1,455			1,048
Operation and maintenance		411			387
Depreciation, depletion and amortization		97			108
Taxes other than income		42			48
Asset (gains) and losses, net		48			(2	)
		2,053			1,589
Operating Income (Loss)		45			56
Other (Income) and Deductions
Interest expense		57			57
Interest income		(10	)		(9	)
Other income		(4	)		(5	)
Other expenses		3			3
		46			46
Income (Loss) Before Income Taxes		1			10
Income Tax Provision (Benefit)		(14	)		(9	)
Reported Earnings		13			19
Adjustments
April 2005 MPSC gas orders		57			—
Incremental non-recurring DTE2 project costs		5			4
Performance Excellence Process — cost to achieve		1			—
Operating Earnings	$	76		$	23

Consolidated Statement of Operations (Unaudited) should be read in conjunction with the Notes
to Consolidated Financial Statements appearing in the Annual Report to Shareholders, Form 10K and
10Q.

DTE Energy Debt/Equity Calculation

As of December 31, 2005
($ millions)

Short-term borrowings	943
Current portion long-term debt, including capital leases	691
Mortgage bonds, notes and other	5,234
Securitization bonds	1,295
Capital lease obligations	87
Equity-linked securities	175
less MichCon short-term debt	(424	)
less Securitization bonds, including current portion	(1,399	)
Total debt	6,602
Trust preferred-linked securities	289
Total preferred/ other	289
Equity	5,769
Total capitalization	12,660
Debt	52.1	%
Preferred	2.3	%
Common shareholders’ equity	45.6	%
Total	100.0	%